Holiday Tips: Business to Business Collections
Business doesn’t stop just because the holidays come back around. There’s still money to be made, and there’s still money to be collected. Here are some ways that you can perform business to business collections during the holiday season.
Remember That People Take Time Off
Remember that there are people who take some time off during the holidays. Of course, your first thought may be that if they have outstanding debt, why are they taking time off? They have bills to pay! Keep in mind that they could’ve made plans before their business slowed and they fell behind on their bills. A little bit of compassion can go a long way during the holidays for both the business that owes you money and for you. It keeps you from having unnecessary stress.
Business Holiday Hours
Make sure that you know if there are any special holiday hours for the business (or its office staff). This can help you plan the right time to call the business.
Use Certified Mail
In addition to making calls in your business to business collections efforts, you should also send out a certified letter with a return receipt requested. This letter should be on your company letterhead, be professionally worded, and state how much they owe you and why it is owed. It should also include contact information for your business and maybe even an incentive to call and take care of it.
Offer to Pick Up the Payment
If you are able to contact the business that owes you money and they tell you that they will mail a payment, offer to drive over and pick up the payment. This saves you both time, money, and the potential of the post office losing your mail.
Provide a Compassionate Arrangement
Most people don’t go into business with the purpose of going into debt. They go into business to make money. Put yourself in their shoes and find a compassionate way to help. This could be that you set up a payment arrangement to help them catch up on what they are owed. Maybe if they can pay in full you take away any interest or late fees. Maybe you help them find the funds that they need to pay you.
Provide an Incentive
Your first thought is probably that you shouldn’t have to provide an incentive for someone to pay their bill. Overall, that’s true. However, some people may be behind with several vendors and aren’t sure who to pay first. During your business to business collections you may find that someone can pay the majority of what they owe you, provide an incentive to pay. This could be that you remove the late fees. It could be that you settle for what they have. You can do this by calling and offering a lesser amount or by sending a letter. The call or the letter should include a date that the incentive expires.
Hire Holiday Help
Lessen your holiday stress by hiring help. Clients A.R.M. provides business to business collections in several states. We also offer first and third party collections. We’ve made our process quick and easy to get started. Find out just how we can help your business by booking your free consultation. There’s no obligation. Don’t wait! We are waiting to hear from you!